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20100701
20100731
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CNN 1
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currency. he is an economist and professor at the maryland school of business. peter, let's get right to it. you say we either get china to play fair or we're headed for a depression. >> absolutely. if china doesn't play fair, there is not enough demand for what americans make. to create jobs, businesses need customers and capital. the customer side, there is just not enough demand for what americans make because we spend so much in china and it's not just its cheap labor. it underdefines its currency by 40%. either we're going to grow very slowly or we're going to tank, but we're not going to recover quickly enough to generate jobs. >> let's turn to richard quest who is host of cnn's "quest hee means business." $220 billion sounds like a gap we need to close, but china produces goods a lot more cheaply which means folks like me in america gets to pay less for things, so what's wrong with that? >> jessica, it's very simple the the day you are prepared to pay more for the t-shirts on your back ask tnd the shoes on your , that's the day they will be produced domestically again. peter may be r
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